10-Q 1 cnob20230630_10q.htm FORM 10-Q cnob20230630_10q.htm
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 Table of Contents

UNITED STATES OF AMERICA

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q 

(Mark One)ma

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the Quarterly Period Ended June 30, 2023

OR

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                to               

Commission File Number:  000-11486

cnoblogo.jpg

CONNECTONE BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter) 

New Jersey

52-1273725

(State or Other Jurisdiction of

Incorporation or Organization)

(IRS Employer

Identification No.)

301 Sylvan Avenue

Englewood Cliffs, New Jersey 07632

(Address of Principal Executive Offices) (Zip Code)

201-816-8900

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock

CNOB

NASDAQ

Depositary Shares (each representing a 1/40th interest in a share of 5.25% Series A Non-Cumulative, perpetual preferred stock)

CNOBP

NASDAQ

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    ☒    No   ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See definition of “large accelerated filer”, “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer   ☒

Accelerated filer  ☐

Non-accelerated filer  ☐

 

Smaller reporting company  ☐ 

Emerging growth company  ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

            Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, no par value:

38,938,113 shares

(Title of Class)

(Outstanding as of August 4, 2023)

 

 
Table of Contents

    

 
 

Table of Contents

 

   

Page
     

PART I – FINANCIAL INFORMATION

  
     

Item 1.

Financial Statements

3
 

Consolidated Statements of Condition as of June 30, 2023 (unaudited) and December 31, 2022

3
 

Consolidated Statements of Income for the three and six months ended June 30, 2023 and 2022 (unaudited)

4
 

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2023 and 2022 (unaudited)

5
 

Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2023 and 2022 (unaudited)

6
 

Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)

8
 

Notes to Consolidated Financial Statements (unaudited)

10
     

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

41
     

Item 3.

Qualitative and Quantitative Disclosures about Market Risks

55
     

Item 4.

Controls and Procedures

56
     

PART II – OTHER INFORMATION

  
     

Item 1.

Legal Proceedings

57
     

Item 1a.

Risk Factors

57
     

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57
     

Item 3.

Defaults Upon Senior Securities

58
     

Item 4.

Mine Safety Disclosures

58
     

Item 5.

Other Information

58
     

Item 6.

Exhibits

59
   

SIGNATURES

60

  

2
Table of Contents

 

 

Item 1. Financial Statements

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

(unaudited)

 

(in thousands, except for share data)

June 30,

 

December 31,

 
 

2023

 

2022

 
       

ASSETS

      

Cash and due from banks

$56,286 $61,629 

Interest-bearing deposits with banks

 263,638  206,686 

Cash and cash equivalents

 319,924  268,315 
       

Investment securities

 612,819  634,884 

Equity securities

 17,950  15,811 
       

Loans held-for-sale

 1,089  13,772 
       

Loans receivable

 8,148,540  8,099,689 

Less: Allowance for credit losses - loans

 89,205  90,513 

Net loans receivable

 8,059,335  8,009,176 
       

Investment in restricted stock, at cost

 46,688  46,604 

Bank premises and equipment, net

 29,093  27,800 

Accrued interest receivable

 46,237  46,062 

Bank owned life insurance

 234,412  231,328 

Right of use operating lease assets

 8,874  10,179 

Other real estate owned

 -  264 

Goodwill

 208,372  208,372 

Core deposit intangibles

 6,569  7,312 

Other assets

 132,601  125,069 

Total assets

$9,723,963 $9,644,948 

LIABILITIES

      

Deposits:

      

Noninterest-bearing

$1,356,293 $1,501,614 

Interest-bearing

 6,182,004  5,855,008 

Total deposits

 7,538,297  7,356,622 

Borrowings

 827,601  857,622 

Subordinated debentures, net

 79,187  153,255 

Operating lease liabilities

 10,007  11,397 

Other liabilities

 69,474  87,301 

Total liabilities

 8,524,566  8,466,197 
       

COMMITMENTS AND CONTINGENCIES

        
       

STOCKHOLDERS’ EQUITY

      

Preferred Stock, no par value; $1,000 per share liquidation preference; Authorized 5,000,000 shares; issued 115,000 shares as of June 30, 2023 and as of December 31, 2022; outstanding 115,000 shares as of June 30, 2023 and as of December 31, 2022

 110,927  110,927 

Common stock, no par value: Authorized 100,000,000 shares; issued 42,120,841 shares as of June 30, 2023 and 41,942,149 shares as of December 31, 2022; outstanding 38,936,652 shares as of June 30, 2023 and 39,243,123 as of December 31, 2022

 586,946  586,946 

Additional paid-in capital

 30,740  30,126 

Retained earnings

 566,498  535,915 

Treasury stock, at cost 3,184,189 common shares as of June 30, 2023 and 2,699,026 as of December 31, 2022

 (61,877) (52,799)

Accumulated other comprehensive loss

 (33,837) (32,364)

Total stockholders’ equity

 1,199,397  1,178,751 

Total liabilities and stockholders’ equity

$9,723,963 $9,644,948 

 

See accompanying notes to unaudited consolidated financial statements.

 

3
Table of Contents

 

 

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2023

  

2022

  

2023

  

2022

 

(dollars in thousands, except for per share data)

                

Interest income

                

Interest and fees on loans

 $111,048  $81,285  $217,951  $157,310 

Interest and dividends on investment securities:

                

Taxable

  4,029   2,551   8,258   4,424 

Tax-exempt

  1,247   916   2,339   1,625 

Dividends

  945   291   1,843   505 

Interest on federal funds sold and other short-term investments

  4,056   313   7,031   433 

Total interest income

  121,325   85,356   237,422   164,297 

Interest expense

                

Deposits

  50,714   5,709   90,801   10,719 

Borrowings

  6,768   4,056   15,694   7,629 

Total interest expense

  57,482   9,765   106,495   18,348 

Net interest income

  63,843   75,591   130,927   145,949 

Provision for credit losses

  3,000   3,000   4,000   4,450 

Net interest income after provision for credit losses

  60,843   72,591   126,927   141,499 

Noninterest income

                

Deposit, loan and other income

  1,545   1,866   2,948   3,609 

Income on bank owned life insurance

  1,553   1,342   3,084   2,548 

Net gains on sale of loans held-for-sale

  550   556   599   1,257 

Net losses on equity securities

  (210)  (405)  (401)  (1,001)

Total noninterest income

  3,438   3,359   6,230   6,413 

Noninterest expenses

                

Salaries and employee benefits

  21,751   19,662   44,013   38,445 

Occupancy and equipment

  2,677   2,733   5,438   4,662 

FDIC insurance

  1,715   725   2,665   1,331 

Professional and consulting

  1,932   2,124   4,126   3,916 

Marketing and advertising

  556   426   1,088   777 

Information technology and communications

  3,644   2,801   6,705   5,667 

Amortization of core deposit intangibles

  371   434   743   867 

Other components of net periodic pension expense

  (25)  (143)  (51)  (286)

Increase in value of acquisition price

  -   833   -   1,516 

Other expenses

  2,829   2,108   5,593   4,038 

Total noninterest expenses

  35,450   31,703   70,320   60,933 

Income before income tax expense

  28,831   44,247   62,837   86,979 

Income tax expense

  7,437   11,889   16,514   23,240 

Net income

  21,394   32,358   46,323   63,739 

Preferred dividends

  1,509   1,509   3,018   3,018 

Net income available to common stockholders

 $19,885  $30,849  $43,305  $60,721 

Earnings per common share

                

Basic

 $0.51  $0.78  $1.11  $1.54 

Diluted

  0.51   0.78   1.10   1.53 

 

See accompanying notes to unaudited consolidated financial statements.

 

4
Table of Contents

 

 

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(dollars in thousands)

 

2023

  

2022

  

2023

  

2022

 

Net income

 $21,394  $32,358  $46,323  $63,739 

Other comprehensive income (loss):

                
                 

Unrealized holding losses on available-for-sale securities arising during the period

  (10,303)  (23,891)  (3,775)  (54,516)

Tax effect

  2,955   7,616   910   15,755 

Net of tax

  (7,348)  (16,275)  (2,865)  (38,761)
                 

Unrealized gains on cash flow hedges

  14,425   8,284   10,064   27,284 

Tax effect

  (4,340)  (2,946)  (3,028)  (8,287)

Net of tax

  10,085   5,338   7,036   18,997 
                 

Reclassification adjustment for realized (gains) losses on cash flow hedges

  (3,953)  129   (8,220)  654 

Tax effect

  1,189   (37)  2,473   (184)

Net of tax

  (2,764)  92   (5,747)  470 
                 

Unrealized gains on pension plan

  -   -   -   2,187 

Tax effect

  -   -   -   (615)

Net of tax

  -   -   -   1,572 
                 

Reclassification adjustment for realized losses on pension plan included in net income

  74   16   148   32 

Tax effect

  (22)  (5)  (45)  (9)

Net of tax

  52   11   103   23 
                 

Total other comprehensive income (loss)

  25   (10,834)  (1,473)  (17,699)
                 

Total comprehensive income

 $21,419  $21,524  $44,850  $46,040 

 

See accompanying notes to unaudited consolidated financial statements.

 

5
Table of Contents

 

 

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(unaudited)

 

  

Three Months Ended June 30, 2023

 
                      

Accumulated

     
          

Additional

          

Other

  

Total

 
  

Preferred

  

Common

  

Paid-In

  

Retained

  

Treasury

  

Comprehensive

  

Stockholders’

 

(in thousands, except share data)

 

Stock

  

Stock

  

Capital

  

Earnings

  

Stock

  

(Loss) Income

  

Equity

 

Balance as of March 31, 2023

 $110,927  $586,946  $31,350  $553,261  $(57,652) $(33,862) $1,190,970 

Net income

  -   -   -   21,394   -   -   21,394 

Other comprehensive loss, net of tax

  -   -   -   -   -   25   25 

Cash dividends paid on preferred stock ($0.328125 per depositary share)

  -   -   -   (1,509)  -   -   (1,509)

Cash dividends paid on common stock ($0.17 per share)

  -   -   -   (6,648)  -   -   (6,648)

Exercise of stock options (269 shares)

  -   -   4   -   -   -   4 

Restricted stock grants, net of forfeitures (37,332 shares)

  -   -   -   -   -   -   - 

Share redemption for tax withholdings on performance units and deferred stock units earned

  -   -   (1,836)  -   -   -   (1,836)

Repurchase of treasury stock (270,000 shares)

  -   -   -   -   (4,225)  -   (4,225)

Stock-based compensation expense

  -   -   1,222   -   -   -   1,222 
                             

Balance as of June 30, 2023

 $110,927  $586,946  $30,740  $566,498  $(61,877) $(33,837) $1,199,397 

  

  

Three Months Ended June 30, 2022

 
                      

Accumulated

     
          

Additional

          

Other

  

Total

 
  

Preferred

  

Common

  

Paid-In

  

Retained

  

Treasury

  

Comprehensive

  

Stockholders’

 

(in thousands, except share data)

 

Stock

  

Stock

  

Capital

  

Earnings

  

Stock

  

(Loss) Income

  

Equity

 

Balance as of March 31, 2022

 $110,927  $586,946  $28,484  $464,889  $(44,458) $(8,269) $1,138,519 

Net income

  -   -   -   32,358   -   -   32,358 

Other comprehensive loss, net of tax

  -   -   -   -   -   (10,834)  (10,834)

Cash dividends declared on preferred stock ($0.328125 per depositary share)

           (1,509)        (1,509)

Cash dividends declared on common stock ($0.155 per share)

  -   -   -   (6,098)  -   -   (6,098)

Exercise of stock options (6,312 shares)

  -   -   33   -   -   -   33 

Restricted stock grants, net of forfeitures (20,715 shares)

  -   -   -   -   -   -   - 

Share redemption for tax withholdings on performance units and deferred stock units earned

  -   -   (2,133)  -   -   -   (2,133)

Repurchase of treasury stock (302,315 shares)

  -   -   -   -   (8,341)  -   (8,341)

Stock-based compensation expense

  -   -   1,152   -   -   -   1,152 
                             

Balance as of June 30, 2022

 $110,927  $586,946  $27,536  $489,640  $(52,799) $(19,103) $1,143,147 

 

 

6
Table of Contents

 

(continued)

 

  

Six Months Ended June 30, 2023

 
                      

Accumulated

     
          

Additional

          

Other

  

Total

 
  

Preferred

  

Common

  

Paid-In

  

Retained

  

Treasury

  

Comprehensive

  

Stockholders’

 

(in thousands, except share data)

 

Stock

  

Stock

  

Capital

  

Earnings

  

Stock

  

(Loss) Income

  

Equity

 

Balance as of December 31, 2022

 $110,927  $586,946  $30,126  $535,915  $(52,799) $(32,364) $1,178,751 

Net income

  -   -   -   46,323   -   -   46,323 

Other comprehensive loss, net of tax

  -   -   -   -   -   (1,473)  (1,473)

Cash dividends paid on preferred stock ($0.65625 per depositary share)

  -   -   -   (3,018)  -   -   (3,018)

Cash dividends paid on common stock ($0.34 per share)

  -   -   -   (12,722)  -   -   (12,722)

Exercise of stock options (6,742 shares)

  -   -   85   -   -   -   85 

Restricted stock grants, net of forfeitures (86,534 shares)

  -   -   -   -   -   -   - 

Stock grants (995 shares)

  -   -   -   -   -   -   - 

Net shares issued in satisfaction of deferred stock units earned (32,068 shares)

  -   -   -   -   -   -   - 

Net shares issued in satisfaction performance units earned (52,353 shares)

  -   -   -   -   -   -   - 

Share redemption for tax withholdings on performance units and deferred stock units earned

  -   -   (1,836)  -   -   -   (1,836)

Repurchase of treasury stock (485,163 shares)

  -   -   -   -   (9,078)  -   (9,078)

Stock-based compensation expense

  -   -   2,365   -   -   -   2,365 
                             

Balance as of June 30, 2023

 $110,927  $586,946  $30,740  $566,498  $(61,877) $(33,837) $1,199,397 

 

  

Six Months Ended June 30, 2022

 
                      

Accumulated

     
          

Additional

          

Other

  

Total

 
  

Preferred

  

Common

  

Paid-In

  

Retained

  

Treasury

  

Comprehensive

  

Stockholders’

 

(in thousands, except share data)

 

Stock

  

Stock

  

Capital

  

Earnings

  

Stock

  

(Loss) Income

  

Equity

 

Balance as of December 31, 2021

 $110,927  $586,946  $27,246  $440,169  $(39,672) $(1,404) $1,124,212 

Net income

  -   -   -   63,739   -   -   63,739 

Other comprehensive loss, net of tax

  -   -   -   -   -   (17,699)  (17,699)

Cash dividends declared on preferred stock ($0.65625 per depositary share)

           (3,018)        (3,018)

Cash dividends declared on common stock ($0.285 per share)

  -   -   -   (11,250)  -   -   (11,250)

Exercise of stock options (15,086 shares)

  -   -   124   -   -   -   124 

Restricted stock grants, net of forfeitures (53,169 shares)

  -   -   -   -   -   -   - 

Stock grants (153 shares)

  -   -   -   -   -   -   - 

Net shares issued in satisfaction of restricted stock units earned (31,383 shares)

  -   -   -   -   -   -   - 

Net shares issued in satisfaction of performance units earned (22,350 shares)

  -   -   -   -   -   -   - 

Share redemption for tax withholdings on performance units and deferred stock units earned

  -   -   (2,133)  -   -   -   (2,133)

Repurchase of treasury stock (447,108 shares)

  -   -   -   -   (13,127)  -   (13,127)

Stock-based compensation expense

  -